Street-Level Retail
New
For Sale
$550,000
637 E 1st St, Boston, MA 02127
Retail unit fronts East 1st Street in South Boston’s East Side neighborhood.
Property Size870 SF
Price / SF$632.18
Days on Market4
Property Features for 637 E 1st St
General Information
Standard status
Active
Size
870 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground Floor
Building Details
Year Built
2012
Listing Agency:
Tucker Real Estate Advisors, Inc.
(603) 828-1384
Listed By:
Dodge Tucker
(603) 828-1384
Source:
Lockandkeyre
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 4:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tucker Real Estate Advisors, Inc.
Investment Insights
Based on property information with market context.
This street-level retail condominium is part of a commercial building completed in 2012. The unit has frontage along East 1st Street and is positioned for retail or office use within the building’s commercial configuration.
The property is located at 637 E 1st St in South Boston’s East Side neighborhood. The surrounding area includes restaurants and cafés, with the Seaport District and public transit hubs nearby.
The property is located at 637 E 1st St in South Boston’s East Side neighborhood. The surrounding area includes restaurants and cafés, with the Seaport District and public transit hubs nearby.
Key Highlights
- Street‑level commercial unit in a condominium building
- Frontage along East 1st Street
- Completed in 2012
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,651
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$513,020
$513.0K
Cap Rate 7%
$366,443
$366.4K
Cap Rate 9%
$285,011
$285.0K
Market Conditions
NOI Build-Up for 870 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.8K $50.40/SF
− Vacancy
−$9.6K −$11.09/SF
EGI
$34.2K $39.31/SF
− OpEx
−$8.6K −$9.83/SF
NOI
$25.7K $29.48/SF
Area
Boston, MA
Vacancy
22.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$513,020
Cap Rate 7%
$366,443
Cap Rate 9%
$285,011
Alternative Uses
Best Use
Office B
$366.4K
$320.6K – $427.5K
NOI $25,651 @ 7.0% cap · market cap 4.66%
Second Best
Retail
$200.6K
$175.5K – $234.0K
NOI $14,042 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$651.5K
$570.0K – $760.0K
NOI $45,602 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,818
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
Median Home Value
Market
Vacancy Rate% for Office in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail unit fronts East 1st Street in South Boston’s East Side neighborhood.
Where is this retail space located?
The property is located at 637 E 1st St Boston, MA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Street‑level commercial unit in a condominium building; Frontage along East 1st Street; Completed in 2012
